The Top 5 Airwallex Alternatives for Australian Businesses

Sarah Martinez had just closed the biggest deal in her Melbourne-based e-commerce company’s history—a $150,000 contract with a European distributor. But as she stared at her computer screen, calculating the foreign exchange fees her current bank would charge, her excitement turned to frustration. Nearly $4,000 would disappear in conversion costs and transfer fees alone. “There has to be a better way,” she thought, opening a new browser tab to research Airwallex alternatives.

If you’re reading this, you’re likely in a similar position. You’ve heard about Airwallex’s promise of cheaper international payments, but you’re wondering: Is it really the best option for my business? The answer isn’t straightforward. While Airwallex has carved out a significant position in the Australian fintech landscape, it’s far from the only game in town—and depending on your specific needs, it might not even be the best choice.

This comprehensive guide examines the five strongest Airwallex alternatives available to Australian businesses in 2025. More importantly, we’ll arm you with a practical decision framework to identify which platform will deliver the most value for your unique situation. Because the right choice isn’t about finding the “best” platform—it’s about finding your platform.

Why Australian Businesses Are Looking Beyond Traditional Banking

Before diving into the alternatives, it’s crucial to understand why businesses like Sarah’s are abandoning traditional banking for international payments. The numbers tell a stark story: Australian banks typically charge 3-4% above the mid-market exchange rate, plus transfer fees ranging from $20-50 per transaction. For a business processing $100,000 in international payments annually, this translates to $3,000-4,000 in unnecessary costs.

But cost isn’t the only driver. Traditional banks offer limited visibility, with transfers taking 3-5 business days and minimal tracking capabilities. In today’s fast-paced business environment, this opacity can strain supplier relationships and complicate cash flow management.

This is where fintech platforms like Airwallex—and its competitors—have found their opportunity. By offering transparent pricing, faster transfers, and modern digital interfaces, they’ve fundamentally changed what businesses expect from their international payment providers.

The Evaluation Criteria: What Really Matters for Your Business

Not all international payment platforms are created equal, and what works brilliantly for a freelance graphic designer might be completely inadequate for a manufacturing company with complex supply chains. Throughout our analysis, we’ll evaluate each platform across six critical dimensions:

• Cost Structure: Beyond headline rates, we’ll examine the total cost of ownership, including monthly fees, FX markups, and hidden charges
• Currency Coverage: The breadth of supported currencies and local account options
• Feature Depth: From basic transfers to corporate cards, expense management, and API capabilities
• User Experience: Platform usability, mobile apps, and integration with existing business tools
• Support Quality: Response times, expertise levels, and availability of human assistance
• Regulatory Standing: Licensing, fund protection, and compliance with Australian regulations

Alternative #1: Wise Business – The Transparent Pioneer

If Airwallex is the Swiss Army knife of international payments, Wise Business is the precision scalpel. Founded with a mission to eliminate hidden FX fees, Wise has built its reputation on radical transparency and consistently competitive rates.

The Wise Advantage: True Mid-Market Rates

Wise’s standout feature is its use of the real, mid-market exchange rate—the same rate you see on Google or Reuters. This isn’t marketing speak; it’s a fundamental difference in approach. While most platforms (including Airwallex) add a markup to the exchange rate, Wise charges a transparent fee of 0.33-2.85% depending on the currency pair, with no hidden margin.

For Sarah’s $150,000 European transfer, this difference is significant:

• Traditional bank: $4,500+ in fees
• Airwallex: ~$1,500-2,250 (0.5-1.5% markup plus fees)
• Wise: ~$750-1,275 (transparent fee structure)

Beyond Transfers: The Wise Business Ecosystem

Wise Business offers local account details in 10 major currencies, allowing businesses to receive payments like a local entity. This is particularly valuable for Australian exporters who can provide European customers with German IBAN details or US customers with American routing numbers, eliminating international transfer fees on the receiver’s end.

The platform’s debit card provides ATM access worldwide—a feature notably absent from Airwallex—making it ideal for businesses with traveling staff or international operations requiring local cash access.

Where Wise Falls Short

Wise’s simplicity is both its strength and limitation. The platform lacks advanced features like expense management tools, approval workflows, or sophisticated reporting capabilities. For businesses requiring integrated corporate card management or API-driven automation, Wise feels basic.

Additionally, Wise’s customer support, while generally responsive, operates primarily through chat and email. Businesses requiring dedicated account management or phone support may find this limiting.

Alternative #2: Revolut Business – The All-in-One Contender

Revolut Business represents the opposite philosophy to Wise: instead of doing one thing exceptionally well, it aims to be a complete financial operating system for modern businesses. For startups and scale-ups seeking to consolidate their financial tools, this comprehensive approach holds significant appeal.

The Multi-Currency Powerhouse

Revolut Business excels in multi-currency operations, offering accounts in 29 currencies and supporting transfers to 140+ countries. The platform’s strength lies in its ability to hold, exchange, and spend money across multiple currencies seamlessly. Businesses can maintain EUR, USD, GBP, and AUD balances simultaneously, switching between them instantly at competitive rates.

The expense management capabilities are particularly sophisticated, with real-time spending controls, receipt capture, and integration with accounting software. Each team member can receive their own card with customizable spending limits and merchant category restrictions—functionality that rivals dedicated expense platforms like Expensify.

Pricing That Scales With Ambition

Revolut’s tiered pricing model (Grow, Scale, Enterprise) allows businesses to start free and upgrade as needs expand. The Grow plan includes two free cards and basic features, while Scale adds unlimited cards, priority support, and advanced expense controls for $35/month.

This scalability makes Revolut particularly attractive for growing businesses. A startup can begin with the free tier and seamlessly upgrade as their international operations expand, without changing platforms or retraining staff.

The Innovation Edge

Revolut consistently pushes boundaries with features like instant card creation, spending insights, and integrations with business tools like Slack and Zapier. The mobile app experience is exceptionally polished, reflecting the company’s consumer roots.

However, this innovation comes with trade-offs. Some users report that the rapid feature rollouts can lead to occasional bugs or interface changes that disrupt established workflows.

Alternative #3: OFX Business – The Enterprise Specialist

While newer fintech players focus on small and medium businesses, OFX Business has quietly built a formidable position serving larger enterprises with complex international payment needs. If your business regularly transfers six-figure sums or requires sophisticated risk management tools, OFX deserves serious consideration.

Risk Management for Serious Money

OFX’s standout feature is its comprehensive suite of FX risk management tools. Forward contracts allow businesses to lock in exchange rates up to 12 months in advance, providing certainty for large transactions or ongoing commitments. Market orders can trigger transfers when rates reach specified levels, while limit orders provide downside protection.

For a manufacturing company importing $500,000 worth of machinery from Germany, a forward contract could eliminate the risk of adverse currency movements over the 6-month delivery period. This level of sophistication is simply unavailable on most fintech platforms.

The White-Glove Service Experience

OFX assigns dedicated relationship managers to larger accounts, providing personalized market insights and strategic guidance. This human touch extends to their dealing room, where experienced traders can execute complex transactions or provide real-time market commentary.

The platform supports 190+ currencies and maintains local banking partnerships worldwide, ensuring efficient settlement even for exotic currency pairs. Transfer limits are significantly higher than competitors, with same-day processing available for urgent transactions.

When Size Matters

OFX’s strengths become apparent at scale. Their competitive advantage lies in handling large, complex transactions where relationship management and risk mitigation outweigh considerations like monthly fees or mobile app design.

However, smaller businesses may find OFX’s minimum transaction thresholds and enterprise-focused features excessive for their needs. The platform is engineered for businesses where international payments are a core operational component, not an occasional necessity.

Alternative #4: WorldFirst – The E-commerce Specialist

Owned by Ant Group (Alibaba’s financial arm), WorldFirst has laser-focused on serving online sellers and e-commerce businesses. If your business sells internationally through marketplaces like Amazon, eBay, or Shopify, WorldFirst’s specialized features could provide significant operational advantages.

Marketplace Integration Excellence

WorldFirst’s strength lies in its deep integration with major e-commerce platforms. The service can automatically collect payments from Amazon marketplaces worldwide, eBay, Paypal, and other platforms, consolidating them into a single dashboard. This eliminates the complexity of managing multiple currency accounts across different marketplaces.

The platform offers receiving accounts in 15 currencies, including specialized accounts for marketplace sellers. For example, a Sydney-based business selling on Amazon US can receive payments directly to a US account, avoiding international transfer fees and accelerating cash flow.

Competitive Rates with Cashback

WorldFirst offers competitive exchange rates (typically 0.5-0.7% above mid-market) and runs periodic cashback promotions that can reduce effective costs further. The platform’s rate alerts notify users when favorable exchange rates become available, helping optimize transfer timing.

For high-volume users, WorldFirst negotiates preferential rates, recognizing that e-commerce businesses often process significant transaction volumes with predictable patterns.

The E-commerce Focus

While WorldFirst’s e-commerce specialization is a strength, it can also be limiting. Businesses without significant marketplace exposure may find the platform’s features less relevant. The service lacks some advanced corporate features like sophisticated expense management or API-driven automation that other platforms provide.

Alternative #5: Payoneer – The Freelancer’s Global Gateway

Payoneer occupies a unique position in the international payments landscape, serving as a bridge between traditional banking and the gig economy. For businesses that frequently pay international contractors or operate in the creative and digital services sectors, Payoneer’s specialized capabilities make it worth considering.

The Global Receiving Network

Payoneer’s core strength is its ability to provide local receiving accounts in 200+ countries and territories. This isn’t just about major currencies—Payoneer can provide local bank details in markets where other platforms fear to tread. For businesses operating in emerging markets or working with suppliers in less common destinations, this coverage is invaluable.

The platform excels at facilitating payments to freelancers and contractors worldwide. Payoneer’s network means that a graphic designer in Romania or a developer in the Philippines can receive payments as easily as if they were local suppliers.

Marketplace and Platform Integration

Payoneer has built deep integrations with major freelancing platforms (Upwork, Fiverr, 99designs) and marketplaces (Amazon, Airbnb). For businesses heavily involved in these ecosystems, Payoneer provides seamless payment collection and distribution capabilities.

The platform’s mass payout feature allows businesses to pay hundreds of suppliers or contractors simultaneously with a single transaction—a powerful capability for businesses managing distributed teams or affiliate networks.

Understanding the Trade-offs

Payoneer’s global reach comes with higher costs than specialized platforms. Exchange rates typically include a 2-3% markup, and various fees can add up quickly. The platform is optimized for volume and convenience rather than cost efficiency.

Additionally, Payoneer’s focus on B2B payments means it lacks sophisticated corporate features like expense management or detailed reporting that other platforms provide.

Beyond the Big Five: Specialized Options Worth Considering

While these five platforms dominate the Australian market, several specialized providers serve specific niches:

• Remitly Business: Excellent for payments to developing markets with competitive rates and strong compliance
• Currencies Direct: Offers dedicated relationship management and 24/7 dealing for time-sensitive transactions
• TorFX: Provides forward contracts and options for businesses requiring sophisticated hedging strategies

Your Decision Framework: Choosing the Right Platform

With five strong alternatives, each with distinct strengths, how do you choose? The answer lies in understanding your business’s specific needs and priorities. Use this framework to guide your decision:

Step 1: Assess Your Transaction Profile

Ask yourself:

• What’s your monthly international payment volume?
• How many currencies do you regularly deal with?
• Are your payments regular and predictable, or sporadic and varied?
• What’s your average transaction size?

If you answered: Low volume, few currencies, sporadic payments, small transactions → Consider Wise Business for its transparency and low minimum requirements.

Step 2: Evaluate Your Feature Requirements

Ask yourself:

• Do you need corporate cards and expense management?
• Is API integration or automation important?
• Do you require FX risk management tools?
• How important is human customer support?

If you answered: Need comprehensive features, automation important, modern interface preferred → Consider Revolut Business for its all-in-one approach.

Step 3: Consider Your Industry and Use Case

Ask yourself:

• Are you primarily an e-commerce business selling internationally?
• Do you frequently pay freelancers or contractors globally?
• Do you make large, irregular transfers requiring risk management?
• Is regulatory compliance in specific markets crucial?

Match your answers:

• E-commerce focus → WorldFirst
• Global contractor payments → Payoneer
• Large transfers + risk management → OFX Business
• Regulatory compliance emphasis → Wise Business or OFX

Step 4: Calculate Total Cost of Ownership

Don’t just compare headline rates. Calculate your total annual costs including:

• Monthly subscription fees
• FX markups on your typical transaction sizes
• Additional card fees for team members
• Transfer fees for urgent transactions

The Final Gut Check

After running through this framework, trust your instincts. The “best” platform is the one that fits seamlessly into your existing workflows while solving your specific pain points. Consider signing up for free trials or demo accounts to test the user experience before committing.

Making Your Move: Implementation Strategies

Once you’ve selected your preferred platform, resist the urge to migrate everything immediately. Instead, consider a phased approach:

1. Pilot Phase: Start with one currency pair or payment type to test the service
2. Gradual Migration: Slowly move additional payment flows as confidence builds
3. Staff Training: Ensure your team understands the new platform’s features and limitations
4. Backup Planning: Maintain access to your previous solution during the transition period

Beyond Platform Selection: Optimizing Your International Payment Strategy

Choosing the right platform is just the beginning. To maximize the value of your international payment solution:

Timing Your Transfers

Exchange rates fluctuate constantly. Consider setting up rate alerts and timing large transfers when rates are favorable. For regular payments, investigate whether forward contracts make sense for your business.

Optimizing Cash Flow

Use multi-currency accounts strategically to minimize conversion frequency. If you regularly receive USD and make EUR payments, consider maintaining balances in both currencies to avoid unnecessary conversions.

Integration and Automation

Modern platforms offer API access and accounting software integrations. Leverage these features to reduce manual work and minimize errors in your financial processes.

The Road Ahead: Staying Competitive in Global Markets

The international payments landscape continues evolving rapidly, with new features and competitors emerging regularly. The platform you choose today should demonstrate a commitment to innovation and be able to scale with your business growth.

Remember that switching costs are relatively low in this industry. If your needs change or a platform fails to evolve with your business, migration to a better solution is always possible.

Take Action: Optimize Your International Payments Today

Sarah from our opening story ultimately chose Wise Business for her e-commerce operation, attracted by the transparent pricing and mid-market rates. Six months later, she’s saved over $8,000 in FX fees and gained valuable time through the platform’s automation features. More importantly, she has the confidence that comes from understanding exactly what she’s paying for every transaction.

Your path might be different, but the destination is the same: a international payment solution that supports your business growth rather than hindering it. The platforms we’ve analyzed all offer free account setup, so there’s no barrier to exploring your options.

Take the first step today. Use our decision framework to identify your top two candidates, then sign up for trial accounts to experience the platforms firsthand. Your future self—and your bottom line—will thank you.